Thursday, October 17, 2019 / by Pamela Glende
We currently have a 2.1 month inventory of homes on the market in Spokane County. What this means is that no new homes come on the market we would run out of homes within 2.1 months.
A balanced market is 5.5 months of inventory. We are currently in a strong seller’s market. We have 316 active listings in which is down 20% from last week. There are 152 in escrow which is down 7% from last week.
That gives us a 48% pending ratio. So out of the 316 active listings 48% of them have accepted offers and are in escrow.
Last week we had a 2.2 month inventory. We had 336 active listings and of those 159 were pending and in escrow.
Our stats are taken from single family homes in the Spokane area. They don’t include land listings, mobile homes on land or leased land or multi-unit listings. They include single family stick built homes only within Spokane County and on under one acre. Stats are taken from all active and pending homes. They do not include short sale homes or foreclosures.
What does this mean if you are a seller? It means it’s a great time to list your home even with winter coming. If you price your home correctly at market value, you can expect your home to sell quickly. We have many home buyers looking for homes and multiple offers are still happening. The homes that are doing price drops for the most part, are overpriced and that is why they are not selling.
If you are looking to purchase a home the competition is strong. Your best course of action would be to have your ducks in a row. By this I mean have your loan approval ready, be willing to look at homes as soon as they come on the market. Put in a strong offer and ask your agent about ways you could make your offer stand out to the seller. A good agent knows what to do.